Total Acquires 60% of a Solar Panel Maker

Total SA, the European oil producer, agreed to buy as much as 60 percent of the SunPower Corporation for $1.38 billion, taking advantage of increased global interest in renewable energy. SunPower, a solar panel maker based in San Jose, Calif., described the acquisition price of $23.25 a share as a “friendly tender offer” in a statement after the close of regular trading on Thursday. SunPower’s stock rose $5.62, or 36 percent, to $21.40 a share on Friday. “The fact that a global oil and gas giant like Total has made such a significant investment in a solar company is extremely encouraging for the entire solar industry,” said Shawn Qu, the chief executive and founder of the China-based Canadian Solar. “Total’s investment demonstrates that solar is really coming into its own as a viable energy market, and traditional energy conglomerates want to be part of that burgeoning growth.”

A version of this brief appears in print on April 30, 2011, on Page B2 of the New York edition with the headline: Total Acquires 60% of a Solar Panel Maker. Order Reprints|Today's Paper|Subscribe